Billy sold property that qualifies for installment reporting. Lily did not elect out of the installment sale method. The basis of the property was $75,000. The selling price of the property was $150,000. The purchaser paid $10,000 down, $90,000 on installment (to be paid 1/2 in year 2 and 1/2 in year 3) and assumed a $50,000 mortgage on the property. How much gain must Lily report in the year of sale? Group of answer choices 50,000 10,000 75,000 7,500 5,000